Category: Petroleum

Feb 28, 2011 (LBO) – South and South East Asian central bank chiefs who met in Sri Lanka had discussed ways to exit deficit spending and loose monetary policy adopted during a global downturn, amid rising inflation and property bubbles. Several Asian countries followed their advanced nations counterparts in boosting state spending and money printing […]

HONG KONG, February 23, 2011 (AFP) – Asian stock markets fell further and oil remained high on Wednesday as the leader of major crude exporter Libya warned he would fight “to the last drop of my blood”. Gold opened at $1,397-$1,398.00 an ounce by the close in Hong Kong, up from Tuesday’s finish of $1,400.00-$1,401.00. […]

SINGAPORE, February 7, 2011 (AFP) – Brent crude prices surged above 100 dollars in Asia on Monday as major regional equities clocked strong performances in their first trading day since the start of the Chinese New Year, analysts said. “Oil was also boosted by US economic figures on Friday that showed jobless rates plunging to […]

Jan 22, 2011 (LBO) – Sri Lanka’s Indian Oil Corporation unit says it is losing 9 rupees a liter on petrol and 21 rupees a liter on diesel by selling fuel at government controlled prices as world commodity prices continued to rise. In 2004 Sri Lanka jettisoned pricing formula and printed money heavily to fix […]

Jan 05, 2011 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp. , plans to invest in expanding its distribution network this year after seeing sales grow last year with an economic recovery after the end of a war, a statement said. We are proud to head the prestigious LMD 50 ranking […]

Jan 05, 2011 (LBO) – Sri Lankan liquid petroleum gas distributor Laugfs Gas has struck a deal with India’s Bharat Petroleum Corporation (BPCL) to sell metal cutting gas in the island, a stock exchange filing said. The statement claimed the new product is an economical and safer metal cutting gas substitute for acetylene. The new […]

Dec 20, 2010 (LBO) – Qatar Petrochemical Company (QAPCO) has opened an office in Sri Lanka to which it supplies ethylene and polyethylene products mainly to the plastic industry, company officials said. QAPCO’s global marketing network comprises of 28 offices and six regional warehouses. “We’ll be marketing low density polyethylene to the Sri Lankan industry,” […]

Dec 09, 2010 (LBO) – Sri Lanka is looking closely at using liquefied natural gas (LNG) for power generation and transport, according to a note by the island’s petroleum and power ministries. LNG is cheaper than diesel and LPG and also cleaner, producing less harmful emissions, and its high purity results in higher thermal efficiency […]

Dec 08, 2010 (LBO) – Shares of Sri Lankan liquid petroleum gas supplier Laugfs Gas, sold at 23 rupees in a public offer, opened higher but came under selling pressure, brokers said. The firm offered 75 million ordinary shares at 23 rupees to raise 1,725 million rupees, and 52 million non-voting shares at 15 rupees […]

Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]

Nov 12, 2010 (LBO) – Sri Lankan liquid petroleum gas supplier Laugfs Gas, whose share issue to raise 2. 5 billion rupees was oversubscribed, plans to acquire a vessel and build an unloading terminal in a new port, an official said. Laugfs managing director Thilak de Silva said the firm wants to be able to […]

NEW DELHI, Nov 5 (Asia Pulse) – State-owned Indian Oil Corp is eyeing a contract to revamp and expand the sole refinery in Sri Lanka. IOC’s interest in upgrading and doubling capacity of Ceylon Petroleum Corp’s (CPC) Sapugaskanda Refinery to 4 million tonnes a year came up at a meeting between Indian Oil Minister Murli […]